To understand why the words “force-placed insurance” appear in the Dodd-Frank Law 331 times, we have to look back on how the money-center banks got involved in the force-placed insurance premium money train.
Part II in the blog series “Challenging The Force-Placed Insurance Business Model: Early History”. This post will discuss the early history going back to when insurance trackers received overnight packages containing X-checking data files. We discuss the history up to the passage of the Dodd-Frank Act.
This blog post starts Miniter Group’s blog series that will challenge the Force-Placed Insurance business model. The History of Force-Placed Insurance including the fee income era, Dodd-Frank reform, on-going compliance issues, and a new proposed business model will be covered in this series.
Take a deep dive into VSI insurance from the eyes of a 20 year veteran who has underwritten VSI for some of the largest indirect vehicle lenders in the country. Vender Single Interest Insurance history, how it works, proper underwriting and benefits to the lender will be covered in great detail. Are you considering VSI Insurance? If so, this is a must read!